St. Paul daily globe., 1887-08-15
Comptroller Trenholm Rises to Make
Some Sensible Remarks Upon the
Circulation of Money.
An Autumnal Decline in Stocks and
Bank Reserve Should Not Alarm the
Country at Large.
at This Season of the Year Money Must
Be Sent Out for the Movement
of the Crops.
An Absence of Demand From the Coun-
try Would Be the Only Real
Cause for Alarm.
Special to the Globe.

IrenllOlln, III answer 10 inquiries ABOUT
the reason that prompted him to make
the recent call on the national banks OF
the country for statement of their con-
ditiOn Oh Aug. l, says that that date
was selected partly because no previous
reports had been made about that time,
and the information was requisite in
oder to complete statistics on record i'll
his office. Apart from this reason, how
ever, the comptroller says he should
have made call anyhow at this time,
i'll order that the business public might
be correctly informed as to the condi-
ton of the banks at the season at which
these institutions are preparing to meet
the annual demands upon them for the
movement of the crops. Public
attention during August and September
has been generally centered upon the
bank situation in the large cities,
especially those in the Eastern states
BY natural and perfectly healthy law
of trade there is an annual flow of cur
rency and capital toward those centerS
in the spring of the year, and reflex
into the country as autumn approaches.
Every autumn there is a demand upon
New York and other Eastern points for
currency to be shipped to the West and
South, and every year there arises
throughout the country an apprehen-
sion Of
MONETARY SCARCITY,
and even of panic, because of this
movement. OF course if the public
looks only at the points from which
money is being drawn. and have no
means Of knowing what is geipg at the
more numerous points to which that
money is flowing, they will be misled as
to the true meaning and effect of the
movement, and may become diSgusted
without cause. Those who watch
movements of capital and currency,
however, understand that the absence
of a demand from the country upon the
cities at this season of the year would be
really much more alarming than its
presence, because it would indicate that
the years work of farmers had left them
bnt little to sell. Well-infermed persons
also understand that unusual prosperity
among the agricultTffsy ts:es'sai-ffv
produces an unusual transfer of capital
out of paper investments into produce
and the business of handling produce.
Therefore declining stock market at
this season of the year and a running
down of the reserve in Eastern banks
should not, the comptroller thinks, be
alarming to the country at large.
A Trifle Mysterious.
Special to the Globe.
WASHINGTON, Aug. 1.-THE Sunday
Herald, usually well informed about
army and navy matters, says that Sec
retary Whitney received yesterday a
dispatch from Admiral Luce requesting
that he be detached from the command
of the North Atlantic squadron. In
answer to inquiries tonight about it, a
statement was authorized THAT it is not
true that Secretary Whitney has re-
ceived any such dispatch, but there is
something in connection with the mat
ter which will be given out Tomorrow
New YORK, Aug. IA special to
the Herald says: The news that Rear
Admiral Luce has resigned the conf
mand of the North Atlantic squadron
proves no great surprise in Halifax,
where it is known that he felt deeply
wounded at the rebuke. from Secretary
of the Navy Whitney. Admiral Luce
determined to resign the moment he
aScertained that the Secretary's dis
patch had been given to the
public. He forwarded telegram
to Washington requesting to be
relieved of the command at
Portland, Me-, on Sept. 6, or sooner if
the department desired, as he only
wanted an intimatiOn from the authori-
ties and he would strike his flag at any
moment. He stated that seeing Whit
ney's kilograms had deprived him of
the influence and authority of his po-
sition, land he cared not to retain it longer.
TO the moment the flagship Richmond
sailed on Thursday for Bar Harbor no
answer came to the admiral'S tender of
his resignation, causing the impression
there it would not be accepted. These
facts. which it was impossible to learn
before. have lust been elected.